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PPG Industries (PPG) FY2022 results: revenue $15.6 billion, down 7.1% on the year

PPG Industries Inc. (PPG) reported revenue of $15.6 billion for fiscal 2022, the year ended 31 December 2022, down 7.1% on the year before. Net income was $1.0 billion, down 28.7%, and diluted earnings per share $4.32. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue
$15.6 billion
-7.1% on the year
FY2015FY2022
Operating margin
13.1%
12.9% a year earlier
FY2015FY2022
Net income
$1.0 billion
-28.7% on the year
FY2015FY2022
Diluted EPS
$4.32
-28.1% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue15,61416,80213,834-7.1%
Cost of revenue9,97510,2867,777-3.0%
Gross profit5,6396,5166,057-13.5%
Gross margin36.1%38.8%43.8%
Research and development457463401-1.3%
Selling, general and administrative3,0373,7803,389-19.7%
Operating income2,0422,1712,109-5.9%
Operating margin13.1%12.9%15.2%
Interest expense167121138+38.0%
Pre-tax income1,3551,8151,362-25.3%
Income tax320374291-14.4%
Effective tax rate23.6%20.6%21.4%
Net income1,0261,4391,059-28.7%
Net margin6.6%8.6%7.7%
Diluted EPS$4.32$6.01$4.45-28.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow9631,5622,130-38.3%
Capital expenditure486371304+31.0%
Free cash flow4771,1911,826-59.9%
Free cash flow margin3.1%7.1%13.2%
Cash from investing-461-2,404-1,447
Cash from financing-40993.0-59.0
Depreciation and amortisation502561509-10.5%
Share-based compensation34.057.044.0-40.4%
Buybacks1902100.0-9.5%
Dividends paid570536496+6.3%
Dividend per share$2.42$2.26$2.10+7.1%
Diluted shares, weighted237m239m238m-0.9%
Shares outstanding at period end235m236m237m-0.4%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity6,5926,2865,689+4.9%
Non-controlling interest117125126-6.4%
Short-term borrowings10.06.0n/a+66.7%
Debt6,7966,5655,749+3.5%
Operating lease liabilities636693677-8.2%
Finance lease liabilities7.07.09.00.0%
Other liabilities6,5867,6697,306-14.1%
Total liabilities and equity20,74421,35119,556-2.8%
Fixed assets3,3283,4423,127-3.3%
Goodwill5,9936,2485,102-4.1%
Intangible assets2,4142,7832,351-13.3%
Investments299341363-12.3%
Cash and equivalents1,0991,0051,826+9.4%
Receivables2,8242,6872,412+5.1%
Inventory2,2722,1711,735+4.7%
Other assets2,5152,6742,640-5.9%
Total assets20,74421,35119,556-2.8%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.